Offshore bank assets reach $18 bln

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International Banking Units operating in Cyprus, popularly know as offshore banks saw their total assets surge by USD 629 mln in February 2006 to USD 18 bln.

According to Central Bank of Cyprus figures, compiled by the Financial Mirror, the USD 629 mln in February was on top of USD 165 mln increase recorded in January, taking the two month total increase to a spectacular USD 980 mln.

Total advances made all the IBUs increased by USD 365 mln in February to USD 5.8 bln, but customer deposits were flat at USD 4.7 bln, the Central Bank figures showed.

Total investments booked through the IBUs was also up by USD 157 mln to USD 5.7 bln.